Peter Charlton Budd Jr. of Morristown New Jersey a stockbroker formerly employed by Benjamin F. Edwards Company Inc. has been terminated by the securities broker dealer on July 15, 2019 founded on allegations that (1) he effected unauthorized trades in the accounts of Benjamin F. Edwards customers and (2) he engaged in securities business without registration.
This is not the first time that Budd has been terminated from a securities broker dealer for misconduct. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Budd was discharged by UBS Financial Services Inc. based upon accusations that he engaged in unauthorized securities transactions; corresponded with customers in violation of the firm’s policies; and failed to properly report a customer complaint.
Budd has been identified in six customer initiated investment related disputes containing allegations of his misconduct while employed with securities broker dealers including Bear Sterns Co. Inc. and Benjamin F. Edwards. Specifically, a customer initiated investment related arbitration claim concerning Budd’s activities was settled to resolve accusations that contractual obligations had not been complied with; the customer’s account was administered negligently; fiduciary duties owed to the customer had been violated; and the customer was defrauded.
The stockbroker is referenced in a customer initiated investment related arbitration claim which was settled for $14,999.00 in damages founded on allegations that he overconcentrated the customer’s assets in aggressive stock positions; and made misrepresentations of investment information to induce the customer’s equity transactions. On October 10, 2016, a customer filed an investment related complaint in regard to Budd’s activities in which the customer sought damages estimated to exceed $5,000.00 in damages supported by accusations that the customer had been placed into a volatile and inappropriate investment portfolio given the customers’ risk tolerance.
Another customer filed an investment related complaint involving Budd’s conduct on June 1, 2017 where the customer requested $5,000.00 in damages based upon allegations that Budd executed unauthorized equity purchases between 2014 and 2017. Also, on January 7, 2019, a customer filed an investment related complaint concerning Budd’s conduct in which the customer sought $696,000.00 in damages founded on accusations that when Budd was associated with Benjamin F. Edwards, investment recommendations made by the stockbroker failed to be suitable; the customer’s account was overconcentrated in speculative stock and over-the-counter equities products; and the customer’s investment portfolio was churned which generated unwarranted losses.
Budd is the subject of yet another customer initiated investment related arbitration claim which was resolved for $275,000.00 in damages supported by allegations that between January of 2014 and March of 2017: the customer’s account had been handled with poor care; contractual obligations had been breached; fiduciary duties were violated; transactions effected in the customer’s account were not suitable; unauthorized and excessive trades had been executed by the stockbroker; and the customer was defrauded. FINRA Arbitration No. 18-03413 (July 24, 2019).
